Retailers have seen a massive leap in consumer adoption of digital commerce over the past year. Brought on by the pandemic, shoppers have dramatically shifted their shopping habits and payment preferences for convenience and safety purposes. As a result, retailers are now rolling out POS software improvements. In fact, nearly one-third of retailers shared they plan to fully replace their POS software this year.
Over the next twelve months, retailers will be making adjustments to accommodate the impact being felt at the point of sale. In fact, the top priority for 2021 for retailers is to grow or enhance their digital-commerce efforts.
According to the 2021 POS & Customer Engagement Survey Report released by Retail Consulting Partners, 85% of retailers cite this shift as their ambition for the year. Another 67% say they want to improve the customer experience, and 52% want to improve the supply chain.
The report went on to say that “Consumers’ accelerated online-shopping behaviors in 2020 increased retailers’ focus on digital commerce and exposed areas of opportunity to improve online capabilities, omnichannel fulfillment options and execution, as well as technical infrastructure and integration.”
So many retailers have had to move customer interactions (social media), services (pick-up and delivery) and other offerings online this past year. Now that many of these things have become not just the norm but expected, retailers are realizing they need to add or improve their online options. From buy online and pick-up in store to curbside programs, 52% of retailers say additional options like these are a big priority for 2021.
New POS System Checklist for Merchants
One of the biggest obstacles in setting up a new POS system is making sure you choose the right POS platform to meet today’s business demands and the unique challenges of your industry. To ensure you reap the benefits well into the future, make sure you consider these tips:
Assess the payment process
Any POS system change should always involve a review of the payment integrations process. Ask yourself, what POS systems need to be replaced or upgraded? Make sure you also carefully consider any new options before taking them on. For example, analyze the ins and outs of options like end-to-end encryption (E2EE), tokenization and multi-currency requirements.
Review ease of Management
Ask yourself, how straightforward are the processes? Are they available centrally? What support will be required for this or that capability? And what exposure might occur because of the central applications?
Understand Today’s Functionality
Knowing your customer is more important than ever. Having a centralized customer management and loyalty programs can be the key to providing a unique shopping experience that keeps your customers coming back. To achieve this, make sure you understand how your new POS system will handle customer data, loyalty programs, pricing capabilities, access to browser purchase history, and other essential details.
In the words of Brian Brunk, a managing partner at RCP, “Thinking about POS and other in-store technology differently is an imperative. The customer experience of tomorrow is not the same as five years ago or even last year and, therefore, the concept of POS is and will be radically different than that of five years ago.”
Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.